US stocks drop on disappointing earnings
February 4th, 2010 - 8:29 am ICT by IANS ( Leave a comment )New York, Feb 4 (DPA) US stocks fell Wednesday, the result of worse-than-expected company earnings and an earlier drop in European shares.
The decline came after two straight days of strong gains. Pharmaceutical giant Pfizer, insurer Metlife, and truck-leasing company Ryder all posted disappointing results.
The Dow Jones Industrial Average fell 26.3 points, or 0.26 percent, closing at 10,270.55. The broader Standard & Poor’s 500 Index dropped 6.04 points, or 0.55 percent, to 1,097.28.
But the technology-heavy Nasdaq Composite Index edged up 0.85 points, or 0.04 percent, to 2,190.91. Time Warner and AOL, now separate companies, both reported surprising profits.
The US currency climbed against the euro to 71.97 euro cents from 71.64 euro cents on Tuesday. The dollar also gained against the Japanese currency to 91.01 yen from 90.37 yen a day earlier.
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